Banking

  Bloomberg A senior BNP Paribas SA banker who denies terrorizing subordinates on the trading floor is claiming $4 million compensation for the unfair dismissal. Omar Alami, the then head of BNP’s equity derivatives sales for Switzerland, Belgium and Luxembourg, was fired in 2019 after an internal report revealed that a rant at a trader he allegedly called “useless” and ...

Bloomberg The Bitcoin exchange-traded fund (ETF) bandwagon is coming to Australia as regulators finalise approvals for products offering direct exposure to digital assets. Cosmos Asset Management said it’s preparing to launch the Cosmos Purpose Bitcoin Access ETF in coming days. It will invest in the Purpose Bitcoin ETF, a Toronto-listed fund with assets of about C$1.6 billion ($1.3 billion). “We ...

  Bloomberg Bank of Korea (BOK) Governor Rhee Chang-yong highlighted rapidly rising private and public debt and an aging population as threats to South Korea’s economic outlook. Rhee took office on Thursday after being nominated by President Moon Jae-in almost a month ago. He has so far expressed support for higher interest rates to rein in inflationary pressures while pointing ...

Bloomberg Indonesia’s central bank kept its benchmark interest rate unchanged to support the economy’s recovery, while downgrading its growth outlook and saying it will keep a watch on price pressures fuelled by the Russia-Ukraine conflict. Bank Indonesia held the seven-day reverse repurchase rate at a record low 3.5% as expected by all 29 economists in a Bloomberg survey. The key ...

  Bloomberg Chinese banks maintained their lending rates for a third month, with the central bank’s cautious easing measures and a weaker yuan reducing the scope for further reductions in borrowing costs. The one-year loan prime rate was held steady at 3.7%, the People’s Bank of China (PBOC) said on Wednesday. A slight majority of 9 of the 16 economists ...

Bloomberg Goldman Sachs Group Inc is hiring senior investment bankers in Singapore, according to people with knowledge of the matter, as the US lender looks to bolster its dealmaking capabilities in Southeast Asia. The firm has hired Chua Hui Yin from JPMorgan Chase & Co. to cover corporate finance and execution, as well as Oversea-Chinese Banking Corp.’s Andrew Teo for ...

  Bloomberg Deutsche Bank AG is making headway in its effort to cut hundreds of millions of euros in costs by retiring the legacy IT systems linked to its Postbank unit. The lender “has successfully completed the first step” in a large-scale transformation of the IT systems in its retail business, it said in a statement on Wednesday. The project ...

  Bloomberg The Bank of Japan (BOJ) reiterated its ultra-loose monetary policy with four days of unscheduled bond buying as the widening interest rate gap with the U.S. puts upward pressure on bond yields and weakens the yen. The move comes as Japan’s benchmark 10-year yield stayed elevated at the 0.25% upper limit of the BOJ’s tolerated trading band despite ...

  Bloomberg Singapore’s central bank further tightened monetary settings and raised its inflation forecast, sending currency higher, as it seeks to fight cost pressures that threaten recovery from pandemic. The Monetary Authority of Singapore, which uses exchange rates as its main policy tool, said that it’s taking steps to strengthen the local dollar, which will help slow inflation momentum as ...

  Bloomberg China’s central bank rolled almost two dozen measures and promises intended to boost lending and support industries that have been battered by recent Covid-19 outbreaks and lockdowns. The 23 steps include everything from lending guidance for banks and promises to make it easier for companies to expand the cross-border use of the yuan, to general pledges for more ...